A shelter is a basic human requirement, fundamental to meeting our physiological needs and one that we cannot live without.
Adequate and affordable housing is a right drafted in the Kenyan Constitution and all Kenyans have a right to a dignified living.
Recently, investors have been showing certain preferences when investing. For instance, the middle class has shifted from the norm and majority now prefer to buy land and build as opposed to buying a finished house worth millions.
Others prefer to book a house/apartment off-plan because of the high difference in terms of price and costings.
Keeping abreast with these new trends, the leading realty company in Kenya PRC (Property Reality Company) has ditched the bandwagon and is now selling state of the art off-plan apartments in Nakuru at 4.5 million shillings for a two bedroomed and 6 million shillings for a three bedroomed.
PRC is also at the forefront of offering ready to build parcels of land with ready titles In Nairobi and its environs. After the successful sale of their Katani Phase 1 in Syokimau, PRC is now looking to release Katani phase 2 selling a 1/8th for 1.8 million shillings as compared to the price of an eighth in phase 1 that retailed for 1.5 million shillings.
According to PRC Chairman Brian Gachari, the increase in price Is due to the high demand of ready to build property in Syokimau, adding that ‘buying a piece of land in Katani and selling it 3 years from now will have appreciated to more than 150 percent in price value.’
Another ready to build property by PRC is the newly revealed Eden Ridge Kiserian along Magadi road. Only 7KM from Kiserian Town and offering scenic views of the Ngong Hills. Very serene & it’s going for only 649,000 shillings for an eighth.
During the Open day launch in Kiserian, PRC sold off 40 plots on site and this goes to show that many Kenyans are now willing to move a few kilometers out of the city for the chance to build an affordable house for their family.
What does this mean for the Real Estate market? Many rentals in Nairobi are left abandoned as developers have overpriced the rent charges not considering Kenyans have many options to go with. Lakeview Heights apartments In Nakuru by PRC was officiated by the Minister of Housing for Nakuru County where she supported this project, citing that affordable housing for the people of Nakuru will have a positive impact on their livelihood.
The Minister also expressed that she would like to see more reality companies follow the same line and offer residential spaces that Kenyans can afford to buy and/or rent.